– BharatQR will have three additional fields. Bank account IFSC Code, UPI virtual address and Aadhaar number. However, some twitter users have pointed out that BharatQR also puts out a 16-digit card number. This is a violation of PCI-DSS norms. We have written to the card networks will update once we hear from them.

Earlier: BharatQR, an inter-operable QR code network for payments, built by card networks will be launched today. The system will include Visa, MasterCard and the National Payments Corporation of India’s (NPCI) RuPay. The idea for an inter-operable QR code network was floated in December 2016 following demonetization of Rs 500 and Rs 1,000 notes.

Note that wallets’ QR code systems, such as Paytm, MobiKwik, FreeCharge and Jio Money etc, do not figure in BharatQR yet. These QR code systems are a closed systems and work only between the wallet users.

Sharad Sharma, co-founder of Indian Software Product Industry Round Table (iSPIRT), said that though BharatQR is among card networks, it is is still a government-mandated project. oOher payment systems such as UPI and wallets will be included later, as this YourStory report indicates.

Currently, MasterCard and Visa two solutions called Masterpass and mVisa respectively to enable QR code payments. RuPay still hasn’t developed a QR code payment system yet. Essentially both the applications link a customer’s credit, debit, and virtual prepaid card.

Are wallets being further sidelined?

The exclusion of wallets in BharatQR is curious again, considering that they more or less pioneered QR code payments during demonetization. It seems like the UPI all over again when banks wanted to keep wallets out to get an advantage over them. BharatQR now looks like it is protecting the business of card networks.

Note that merchants are not charged for QR code payments through wallets and may have an upper hand over card networks right now. However, they are charged when the move the money to bank account. For example, Paytm charges 1% for verified merchants. It needs to be seen which proposition merchants will find more economical. At the moment, wallets QR codes are in the mind space of merchants and find them cheaper than POS machines.

@mayurshetty01 It will be great when everyone uses QR. Consumer education and standard mobile payment flow ??
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